70 Hudson Yards Project Secures $2.45B Construction Loan
The 72-story tower that broke ground last June in Hudson Yards has secured $2.45 billion in construction financing. The 1.4 million square-foot office development will begin vertical ascent commencing in early 2026 and is being constructed within the multi-building complex by Related Companies and Oxford Properties. The financing package includes a $1.6 billion construction loan fully underwritten, structured and led by Wells Fargo, Bank of America and Standard Chartered, as well as equity from institutional investors according to the press release by Oxford Properties. Accounting firm Deloitte will anchor the tower that has an alternate address 514 West 36th Street, committing to 800,000 square feet in April 2025 with plans to relocate from its current office at 30 Rockefeller Plaza (1250 Avenue of the Americas) where they have been headquartered since 2013.